Why is it Difficult to Get a Checking Account from BDO?

While in the process of acquiring a property, my agent suggested that I apply for a checking account with China Bank since SMDC require post-dated checks for the downpayment. I agreed to go to China Bank, but SMDC was quick to give me an endorsement letter addressed to BDO One-Ecom branch beside Mall of Asia.

I decided to take that as I thought it would be faster and easier, and the Php5000 maintaining balance that SMDC requested is attractive. Most banks require no lower than Php15,000 maintaining balance for checking accounts.

My agent and I went to that BDO branch, and we were surprised with the long process. I understand the paperworks, but they actually had to call my workplace to verify my employment status. I was amused, did I just apply for a credit card? We were inside the bank for almost two hours!

So, why was it do difficult to get a checking account from BDO?

Well, this is true to most banks. They require you to have a savings account with them for at least six months, and your checking account must be opened in the same branch. I do have a savings account with BDO but in a different branch.

Hence, if you really need a checking account, your current bank is the best place to go. I was lucky that my application was approved by BDO One E-com despite not having a savings account account with them. The referral letter from SMDC definitely helped.

Have you also encountered problems getting a checking account? Which bank?